Galaxy Digital Inc. · NASDAQ:GLXY
Galaxy Digital — Q4 2025 Earnings Presentation
20 slides from Galaxy Digital's earnings presentation, Feb 3, 2026
Slide 1: Galaxy Q4 2025
1 GALAXY Investor.galaxy.com Q4 · 25 As of December 31, 2025
Slide 2: Disclaimer
2 GALAXY This document, and the information contained herein, has been provided to you by Galaxy Digital Inc. and its affiliates (“Galaxy Digital” or “Galaxy”) solely for informational purposes. This document may not be reproduced or redistributed in whole or in part, in any format, without the Disc
Slide 3: Galaxy is a global leader in digital assets and data center infrastructure
3 GALAXY Galaxy is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and AI Complementary offerings across two main operating businesses: Publicly Listed Since 2018 (NASDAQ/TSX: GLXY) Digital Assets Serving the digital asset ec
Slide 4: Galaxy Leadership Team
4 GALAXY Galaxy Leadership Team Mike Novogratz A deep bench of experts across capital markets, asset management, digital assets, technology, Founder & CEO and the development and operation of mission -critical data center infrastructure. Chris Ferraro President & CIO Michael Ashe Sebastian Benkert R
Slide 5: Our Opportunity
5 GALAXY Our Opportunity
Slide 6: Digital Assets | Early Innings of a Massive Opportunity
6 GALAXY Digital Assets | Early Innings of a Massive Opportunity Digital Assets See Significant Growth Potential in Global Blockchain: The Foundation of Modern Financial Markets Wealth Allocation Digital assets are evolving from a standalone asset class into foundational Value of Global Assets finan
Slide 7: Data Centers | Early Innings of a Massive Opportunity
7 GALAXY Data Centers | Early Innings of a Massive Opportunity Global Demand for Data Center Capacity Expected Nearly Triple by 2030 Helios Positioned to Succeed in a Supply -Constrained Market Global Data Center Demand • The U.S. faces a projected 15+ GW supply shortfall by 2030 • Meeting this dema
Slide 8: Digital Assets
8 GALAXY Global Markets Asset Management & Infrastructure Solutions Digital Assets Serving the digital asset ecosystem end -to-end.
Slide 9: Digital Assets Continues to Gain Momentum
9 GALAXY Digital Assets Continues to Gain Momentum Galaxy’s Digital Asset business continues to see revenue growth translating into accelerating profitability and margin expansion 1 Net Income and Adjusted EBITDA 1 Revenues from Operations and Adjusted Gross Profit Adjusted gross profit more than tr
Slide 10: Global Markets
10 GALAXY Global Markets Integrated global markets platform delivering principal liquidity, derivatives, lending, electronic trading, onchain capabilities, and investment banking services. 001 004 Principal Liquidity Access to a deep network of exchanges and market makers US Securities Broker FINRA
Slide 11: Asset Management & Infrastructure Solutions
11 GALAXY Global Markets Asset Management & Infrastructure Solutions Asset Management & Infrastructure Solutions COMBINED AUM & AUS 2 Asset Management Infrastructure Solutions High-conviction investing across public and private markets in Institutional-grade staking and custody solutions, digital as
Slide 12: GalaxyOne
12 GALAXY Launched on October 6, 2025 GalaxyOne GalaxyOne brings institutional -quality financial products and services to U.S. individual investors in a unified digital experie nce INITIAL PRODUCT OFFERINGS ✓ Open an account in under 5 minutes with in-app verification for U.S. accredited investor s
Slide 13: Balance Sheet Net Digital Asset and Investment Exposure
13 GALAXY Balance Sheet Net Digital Asset and Investment Exposure Treasury & Corporate Net Digital Asset and Investment Exposure, Excluding Derivatives The Company’s Treasury & Corporate segment maintains exposure to the digital asset ecosystem through a diversified allocation across spot positions,
Slide 14: Data Centers
14 GALAXY Data Centers High-Performance Computing Infrastructure Data Centers Developing infrastructure for an AI -enabled future.
Slide 15: Galaxy is positioned to be a leader in developing and operating HPC infrastructure
15 GALAXY ▪ Galaxy • Galaxy Slides Master Overhaul Galaxy is positioned to be a leader in developing and operating high-performance computing infrastructure Helios Data Center Campus The Helios Data Center Campus is Galaxy’s flagship facility that, at 1.6GW of approved grid capacity, is projected to
Slide 16: AI and HPC Infrastructure
16 GALAXY AI and HPC Infrastructure CoreWeave, as our anchor tenant, has leased a total of 526 MW of critical IT capacity for a period of 15 years, generating an anticipated average annual revenue of over $1B for the combined three phases. As of January 15, 2026, Galaxy has an additional 830 MW of a
Slide 17: Helios Construction Update as of January 2026
17 GALAXY Helios Construction Update as of January 2026 1. Galaxy’s 345 kV substation Our privately owned 345 kV grid connected substation at the Helios campus supporting up to 900 MW of transformer capacity across various 4 phases of the project. 2. Chiller Yard Specialized chiller systems provide
Slide 18: Appendix
18 GALAXY Appendix
Slide 19: Reconciliation of Non-GAAP Metrics
19 GALAXY APPENDIX Reconciliation of Non -GAAP Metrics ($ in thousands) Reconciliation to Adjusted Gross Profit Three Months Ended December 31, 2025 Revenues and gains / (losses) from operations $10,224,023 (-) Transaction expenses 10,306,105 (-) Impairment of digital assets 316,093 Adjusted gross p
Slide 20: Reconciliation of Non-GAAP Metrics
20 GALAXY APPENDIX Reconciliation of Non -GAAP Metrics ($ in thousands) Years Ended Reconciliation to Adjusted Gross Profit December 31, 2025 December 31, 2024 December 31, 2023 Revenues and gains / (losses) from operations $61,355,667 $43,757,790 $52,209,639 (-) Transaction expenses 60,175,832 42,4